The depreciation of the United States dollar is worrying about supporting the focus of the gold market

On 27 August, according to news, the price of gold rose slightly on Thursday, and concerns about currency devaluation persisted, while market attention turned to the much-awaited speech this week by Federal Reserve Chairman Walsh. OANDA senior market analyst Kelvin Wong stated that the narrative of the depreciation of the United States dollar, coupled with concerns about the United States budget deficit, still underpinned gold in the medium term. The previous announcement by the United States Treasury Department to scale up the purchase of long-term bonds issued earlier raised concerns about the depreciation of the United States dollar, which raised gold prices by more than 5 per cent last week. Wong added: “The market is awaiting a speech from Walsh to gain a clearer picture of how the Fed will respond to the current economic situation. If he does not provide specific forward-looking monetary policy guidelines, the current market pricing of interest rate hikes is likely to remain largely unchanged.” On the geopolitical front, the Prime Minister of Qatar will visit Tehran to resume diplomatic good offices. The United States and Iran had previously accused each other of focusing on Washington ' s commitment to increase economic pressure on Tehran through sanctions against Iran ' s trading partners. Kim Xian